Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Estate Tax Planning. 2022 Year-End Tax Planning Resources. million in 2023).

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Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

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Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025).

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Withum

OCTOBER 18, 2023

The step-down of the bonus amount continues annually at 20% until it is completely phased out to 0% in 2027. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025. What About Estate Planning? Contact Withum today with any questions.

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CPA Practice

JANUARY 16, 2024

The deduction dropped to 80 percent of those purchases last year and will phase out entirely by 2027, absent congressional action. Tax writers plan to end the pandemic-era employee retention tax credit program early to cover the cost of the deal. The deal would also allow small businesses to deduct up to $1.29

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Withum

DECEMBER 4, 2024

The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. Planning should occur with your tax advisor on how to optimize bonus depreciation. Cost segregation is recognized as an engineering-based tax study accepted by the IRS.

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